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Agec 011:Introduction To Agriculture Economics Question Paper

Agec 011:Introduction To Agriculture Economics

Course:Agriculture

Institution: Kenya Methodist University question papers

Exam Year:2012

KENYA METHODIST UNIVERSITY

END OF 2''ND ''TRIMESTER 2012 (DAY) EXAMINATIONS
FACULTY : SCIENCE & TECHNOLOGY
DEPARTMENT : AGRICULTURE
UNIT CODE : AGEC 011/111
UNIT TITLE : INTRODUCTION TO AGRICULTURE ECONOMICS
TIME : 2 HOURS

Instructions:

Answer question one and any other two questions.

Question One

Outline five characteristics of a free market system.

(5mks)

Explain the meaning of equilibrium and state three exceptions to the law of demand.

(5mks)

Explain the concept of production function and state three ways in which it can be illustrated.

(5mks)

State the law of diminishing returns and state its key assumptions. (5mks)
Write short concise notes on
Isoquants

Iso cost lines

(5mks)

Define economies of scale and outline such economies that a firm can enjoy.

(5mks)

"Price competition for oligopolies is not recommended." Explain. (5mks)
Explain the meaning of monetary policy and state the role it plays. (5mks)

Question Two
In details explain five types of unemployment and state five reasons why a country should be worried about unemployment. (15mks)

Question Three

Explain the characteristics of perfect competition market structure and state why the agricultural sector is the closest case of perfect competition. (15mks)

Question Four
Explain the concept and meaning of national income and explain the three approaches used in measuring national income. (15mks)

Agec 011:Introduction To Agriculture Economics Question Paper

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